Microsemi Posts 4Q Loss On Charges, Lower Sales

IRVINE, Calif. (AP) — Chip maker Microsemi Corp. said Thursday it fell to a loss in the fiscal fourth quarter on numerous charges, including restructuring costs from a factory closing, and lower sales.

The Irvine, Calif., company posted a loss of $31.3 million, or 39 cents per share for the quarter ended Sept. 27, compared with net income of $17.3 million, or 21 cents per share, a year earlier.

Sales for the quarter fell 18.6 percent to $109.7 million from $134.7 million a year ago.

The results included special charges for idle capacity, restructuring, and items such as stock-based compensation and facility closure impairment charges associated with an Arizona factory closing.

Excluding those charges, the company earned $19.3 million, or 24 cents per share, compared with $29 million, or 36 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected a profit of 23 cents on sales of $109.4 million. They typically exclude one-time losses and gains.